It’s easy to dismiss franchise awards when you’re busy running your own business. But making time to apply for prize-giving ceremonies could have a positive impact across various aspects of your company. Here are the top 10 reasons why you should put this important process onto your to-do list.
For some, franchise awards seem far off - a distant accolade you’re unlikely to win yourself. But, with an impressive application and a knack for story-telling, you might find it easier to gain recognition than you previously thought possible. In fact, even ranking as a runner-up can be incredibly beneficial when it comes to boosting your business’s credibility.
What's the value of winning a franchise award?
Winning a national or local franchise award can provide benefits not only for the franchisor, but franchisees too. If you see success, you can leverage your win to boost your reputation and customer conversion rates across the network. Here are just some of the reasons why you should seriously consider applying for the next round of prizes.
1. You can beat your competitors
Only one franchise can win each award, and if you get to the top spot, you’ll have demonstrated a superior level of expertise to your competitors. Getting this far is all the more impressive if you’re up against big-name brands in your industry.
2. You can boost your credibility
It’s all very well blowing your own trumpet, but being recognised by a third party will reinforce your credibility as a brand and help build trust among customers. And if you’re regularly celebrated by awards bodies, you’ll carve out a reputation as a leader in your industry.
3. It provides third-party publicity
Most awards bodies promote their events and reveal the lists of finalists and winners in printed material, emails and social media communications. Even if you don’t walk away with any prizes, you’ll gain precious publicity throughout the awards season - all from an independent third party.
4. You’ll gain marketing opportunities
Awards organisations usually carry out some promotional activity in the weeks leading up to their prize-giving ceremonies, but you can also take the opportunity to do your own marketing. If you’re a runner-up or a winner, you can share your exciting news on your website and social media profiles, as well as with local media outlets.
We were incredibly proud to win [the BFA’s] Emerging Franchisor [award]. After claiming the award, we noticed an upsurge in prospective franchisees enquiring about taking on a franchise. The incredible reputation of the BFA really holds so much weight, and we have capitalised on this by heavily promoting our awards victory in promotional materials both in print and digitally.
—Ed Gill, Franchise Recruitment Manager at Radfield Home Care
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5. You could gain partnership opportunities
When you’ve won awards, you’ll become more attractive to potential business partners. Often, franchisors and franchisees who apply for industry prizes end up collaborating with other entrants after noticing their impressive credentials.
6. You’ll have the chance to attract more talent
Just as potential business partners might be more likely to collaborate with you after an award win, prospective employees may be keen to join the franchise too. You may find you suddenly have a much wider talent pool available to you, particularly when you’re thrust into the limelight for the first time.
7. It’s rewarding for your staff
Most people want more from their job than a good salary. If your employees know they’re working for a franchise at the top of its game, they’ll probably have a high level of morale and personal satisfaction. Plus, you can show them they’re valued staff members by inviting them to the awards ceremony. All these factors should help you boost your employee retention rate.
8. You’ll feel a sense of satisfaction and pride
Building a business is a significant achievement, whether you’re the franchisor of an entire network or a single-unit franchisee. So, it can be incredibly fulfilling when your work is officially recognised; you’ll probably find you have renewed energy and optimism when you return to your desk.
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9. You can impress the high-flyer judges
Most awards bodies appoint a panel of influential industry experts to judge their prize ceremonies, so you’ll have the chance to show them your achievements so far. You never know, they could end up being long-term contacts for your franchise, willing to collaborate or offer valuable insights.
10. It’ll give you a fresh perspective
During award application processes, you’ll probably be asked to provide solid facts and figures about your franchise’s performance. Taking the time to review your business with the benefit of hindsight can give you the chance to look at it in a new light and uncover fresh information. Later, you can use your newfound understanding to make strategic improvements to the business.
Awards play a vital role at Swimtime for two main reasons. Firstly, one of our core values is ‘raising the standard’. If we are to actively embrace this, it’s essential we invite robust scrutiny. Secondly, entering awards leads to an increase in profile and demonstrates that, as a brand, we are confident in what we do. We have found this has led to an increase in brand value.
—Theo Millward, Managing Director at Swimtime
What business awards are there?
Here are some of the most high-profile franchise and business awards currently running:
- The BFA-HSBC British Franchise Awards
- The AFA Franchise Awards
- The Best Franchise Awards
- The NatWest EWiF (Encouraging Women into Franchising) Awards
- Entrepreneur Magazine Awards
- The British Chambers of Commerce awards
- Elite Franchise Top 100
- The Queen’s Awards for Enterprise
- The National Business Awards
Franchisor and franchisee tips for finding and applying for franchise awards
Before you go, take a look at these steps for applying for franchise awards:
- Search for industry-specific awards in trade publications
- Search for local awards at your Chamber of Commerce or in regional publications
- Find out which awards your competitors have won
- Maximise your chances of winning by applying for awards that reflect your current strengths, such as business growth, customer service or employee satisfaction
- Make sure you’re eligible for awards before you apply in order to avoid wasting your time
Find more tips and insight on running a franchise
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Alice Tuffery, Point Franchise ©